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Posts Tagged → ITC

Review of Input tax credit

posted in GST, Uncategorized on January 18, 2020 by Abhinandan Sethia 0 Comments
ITC in GST returns

The GST law aims at providing seamless Input tax credit to the registered persons, which can be claimed by furnishing details of ITC in GST returns. While the missed ITC could be a loss to an entity, an undue or excess claim of ITC could put an entity to a trap of interest, penalty &… Continue reading →

Take loan for higher studies & save tax

posted in Income tax on April 2, 2019 by Sanjana Rajpal 0 Comments

  Take a loan for higher studies & save tax Section 80E- Deduction of interest paid on educational loan If you have taken an educational loan for higher studies (only full-time courses) for yourself, spouse or children and paying interest on it, you can avail the deduction for the interest so paid. Entire interest paid… Continue reading →

Ineligible Input tax credit under GST

posted in GST, Uncategorized on October 26, 2018 by Abhinandan Sethia 0 Comments

Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. The GST levied on purchase of… Continue reading →

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